I wonder at which point will we just stream pages as interactive video content with a text optimized codec. Most pages on the internet are bloated to the point where it might just make sense. (I am not advocating, I am predicting)
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While many players, despite deeply nested html, still point directly to where the content is hosted (ex, a file on openload.co), an increasing number take your mentioned approach and load the content as a blob so folks won't bypass their ads.